When a company that uses the perpetual inventory system sells goods for cash, the journal entry to record cost of goods sold is:
A) $$\begin{array} { | l | r | r | }
\hline \text { Cost of Goods Sold } & \chi \chi & \
\hline \text { Sales } & & \chi \chi \
\hline
\end{array}$$
B) No journal entry is required.
C) $$\begin{array} { | c | r | l | }
\hline \text { Cost of Goods Sold } & \chi \chi & \
\hline \text { Merchandise Inventory } & & \chi \chi \
\hline
\end{array}$$
D) $$\begin{array} { | l | r | r | }
\hline \text { Sales } & \chi \chi & \
\hline \text { Merchandise Inventory } & & \chi \chi \
\hline
\end{array}$$

Question

When a company that uses the perpetual inventory system sells goods for cash, the journal entry to record cost of goods sold is:
A) $$\begin{array} { | l | r | r | } 
\hline \text { Cost of Goods Sold } & \chi \chi & \
\hline \text { Sales } & & \chi \chi \
\hline
\end{array}$$
B) No journal entry is required.
C) $$\begin{array} { | c | r | l | } 
\hline \text { Cost of Goods Sold } & \chi \chi & \
\hline \text { Merchandise Inventory } & & \chi \chi \
\hline
\end{array}$$
D) $$\begin{array} { | l | r | r | } 
\hline \text { Sales } & \chi \chi & \
\hline \text { Merchandise Inventory } & & \chi \chi \
\hline
\end{array}$$

Quizplus · Accepted Answer

When a company using the perpetual inventory system sells goods for cash, the journal entry to record cost of goods sold is to debit the Cost of Goods Sold account and credit the inventory account. Therefore, option C, "11ea8553_2c3e_46c5_a343_0d5ae4dee47f_TB5019_00" is the correct journal entry to record cost of goods sold.

When a Company That Uses the Perpetual Inventory System Sells Cost of Goods Sold χχ Sales χχ\begin{array} { | l | r | r | } \hline \text { Cost of Goods Sold } & \chi \chi & \\\hline \text { Sales } & & \chi \chi \\\hline\end{array} Cost of Goods Sold Sales ​χχ​χχ​​

When a Company That Uses the Perpetual Inventory System Sells $\begin{array} { | l | r | r | } \hline \text { Cost of Goods Sold } & \chi \chi & \\\hline \text { Sales } & & \chi \chi \\\hline\end{array}$